On December 31, 2017, Jackson Company had 100,000 shares of common stock outstanding and 33,000 shares...

On December 31, 2017, Jackson Company had 100,000 shares of common stock outstanding and 33,000 shares of 6%, $50 par, cumulative preferred stock outstanding. On February 28, 2018, Jackson purchased 27,000 shares of common stock on the open market as treasury stock for $38 per share. Jackson sold 6,300 treasury shares on September 30, 2018, for $40 per share. Net income for 2018 was $183,905. Also outstanding during the year were fully vested incentive stock options giving key personnel the option to buy 53,000 common shares at $43. The market price of the common shares averaged $42 during 2018. Required: Compute Jackson's basic and diluted earnings per share for 2018?

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